AP automation is the key to success, as it can significantly increase process efficiency and have a positive impact on a business’ bottom line. However, beyond primary automation, there are 5 broad themes that leading AP teams should be considering in 2015:
Handling increased invoice volumes
In a world of global connectivity and 24/7 business, most AP departments are facing increasingly high volumes of invoices. AP teams in 2015 will need to be looking at how to handle this increased workload effectively, without adding additional costs to the business. Some of the activities below will be beneficial in addressing this challenge.
Deploying mobile solutions
Mobile solutions for financial professionals are already gaining mainstream success and they can add huge value in improving financial processes. 2015 will see an increasing number of AP teams adopt mobile solutions to improve efficiency.
Deploying Cloud solutions
Cloud technology offers a huge amount of flexibility for improving financial processes and is the primary enabler for mobile solutions. Cloud solutions also make AP automation a possibility for small and medium business that would previously have been priced out of comprehensive on-premise software solutions. Cloud software also allows businesses to implement an automation project without leveraging significant internal IT input. Learn more about cloud-based AP automation.
E-Invoicing is the future
With e-invoicing legislation looming, the practice saw significant growth in 2014. In the year ahead, AP teams will need to understand exactly how e-invoicing integrates with AP automation in order to improve the entire P2P process chain. E-Invoicing incorporation promises to produce the most significant efficiency and cost-saving benefits.
Big data is a big deal. This applies to AP departments as much as any other function. Understanding your data, what is relevant and what to collect, and then making sure it can be analyzed and reported accurately will be an important consideration for AP departments in 2015. To address this effectively means uncovering bottlenecks, identifying trends ahead of the curve and being able to share and edit information quickly. Ultimately it means working smarter and more efficiently.
Posted Thursday, June 4th, 2015 by Andrew Westhead